Diwali festival is near and Indian citizens are already preparing. In this festival, Indians make plans to invest in physical assets whose value usually increases in the future like houses or so-called gold. But, the investment pools have become vast and diversified with each passing time. Market related instruments like stocks, mutual funds, SIPs and ETFs have also gained popularity. That being said, the demand for cryptocurrencies has also increased due to the increasing appetite of investors in this market. Cryptocurrency is digital or virtual currency that uses cryptography for secure transactions.
in recent times, cryptocurrency This has opened up many job opportunities, unique and comprehensive investment platforms, increased startups, and further strengthened the worldwide blockchain industry. They are often referred to as new age investment schemes. Many companies and countries are warming up to cryptocurrencies. In Q2 of 2022, according to Chainalysis data, Vietnam, Philippines, Ukraine, India, USA, Pakistan, Brazil, Thailand, Russia and China are among the top 10 countries for cryptocurrency adoption globally.
but like everyone else MarketA related instrument, cryptocurrencies also have their own risks. Some of these are – driven by high sentiment, vulnerable to cyber threats, highly volatile, no regulatory backup, and lack of clarity.
So, should you invest it in cryptocurrencies Diwali With your bonus? During this festival, citizens receive monetary and other kinds of gifts from their friends and families. While many companies give bonus to their employees.
Abhijeet Shukla, CEO and Founder, Tarality and Revolution Games said, “In India, there is a culture of buying gold during occasions and festivals with the logic that it can serve as a hedge during financial crisis. Traditionally, Ahead of Diwali, people are stuck buying precious metals such as gold. However, with technology making investment convenient and more transparent, the tech-savvy urban youth population is investing in crypto and bitcoin, which is known to be Today is being seen as the new gold or digital gold.”
Shukla further added, “Crypto has the potential to emerge as the best investment option in the festive season for funding for the future. This is thanks to people looking for alternative sources of investment, increasing internet penetration and interest in traditional financials. The losers can be given up. The ecosystem. People are now recognizing crypto as an alternative to traditional investment avenues. Millennials believe that these traits, coupled with global availability and high liquidity, have a long-term potential. making it ideal for storing money, assuming that the value will increase over time.”
Currently, 21,254 cryptocurrencies are traded on 526 exchanges, according to CoinMarketCap data. There has been a significant increase in numbers in the last few years.
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